Appellate Court Reopens Case Against State Street by GM Participants
The 6th U.S. Circuit Court of Appeals revived a stock drop lawsuit brought by General Motors retirement plan participants against State Street.
Compliance
FINRA Issues Investor Alert
The Financial Industry Regulatory Authority (FINRA) issued an investor alert called “It Pays to Understand Your Brokerage Account Statements and Trade Confirmations.”
SIFMA Develops Certificate for FINRA Rule 2111
The Securities Industry and Financial Markets Association (SIFMA) developed an Institutional Suitability Certificate to facilitate broker/dealer compliance with new FINRA Rule 2111, specifically when dealing with institutional clients.
Court Rules for Employer with no Evidence of Benefits Eligibility
A federal appellate court ruled in favor of an employer that denied a claim for retirement benefits by a former employee’s sister because it found no evidence of...
Understanding the Different World of Church Plans
There is much opportunity for advisers in the 403(b) church plan market, but one should get educated first, because church plans are different.
Obama Budget Limits Some Retirement Savings Tax Breaks
Initiatives in President Barack Obama’s budget proposal would impact retirement savings for some workers.
401(k) Tax Advantages Cost Government $50B Annually
The current tax treatment of 401(k) plans costs the U.S. Department of Treasury between $50 and $70 billion per year, says a recent analysis.
Do non-ERISA 403(b) Plan Sponsors Have Fiduciary Responsibilities?
February 15, 2012 – Do sponsors of 403(b) plans that are not governed by the Employee Retirement Income Security Act (ERISA) have fiduciary responsibilities to the plan and...
Employer Breached ERISA by Failing to Make Rollover Distribution
An employer breached his fiduciary duties under the Employee Retirement Income Security Act (ERISA) by failing to honor a former employee’s rollover distribution request.
Advisers Must Prepare for Transition from SEC to State Registration
Mid-sized advisers must transition their registration from the Securities & Exchange Commission (SEC) to their applicable state authorities and are encouraged to begin the process as soon as...
DoL Sues Company for Failure to Remit Contributions
The U.S. Department of Labor (DoL) filed a lawsuit against Towson Rehabilitation Center LLC and CEO Howard Neels for failing to remit employees’ contributions to the company’s 401(k)...
Plan Advisers Must Understand Final 408(b)(2)
Now that the Department of Labor’s (DoL) regulation for 408(b)(2) has been finalized, it is important for plan advisers to understand how the final ruling impacts them.
IRS Issues Interim Report about 401(k) Compliance Questionnaire
The Internal Revenue Service’s (IRS) interim report of responses from its 401(k) Compliance Check Questionnaire offers a view of the 401(k) plan design landscape.
IRS Issues Guidance About Annuities in Retirement Plans
The Internal Revenue Service (IRS) issued two pieces of guidance to clarify how certain rules apply when a retirement plan offers an annuity to participants.
Industry Players Mostly Pleased with Final Rule on 408(b)(2)
Members of the retirement plan community were mostly positive about the final rule on 408(b)(2) fee disclosure regulations.